(RTTNews) - U.K. house prices declined 0.4% month-on-month in May, following a 0.1% fall in April, Lloyds Banking Group Plc's Halifax division said Friday. Economists were expecting an increase of 0.3%. The average house price totaled GBP 167,570 in April, which was 16% below its August 2007 peak.
"The mixed pattern of monthly price rises and falls so far this year is consistent with a slowing market and is in line with our view that house prices will be flat during 2010 as a whole," said Martin Ellis, housing economist.
House prices were 6.9% higher on an annual basis in May. This was the biggest increase in the annual rate of change - measured by the average for the latest three months against the same period a year earlier - since October 2007.
"The relative recovery in house prices in 2009 was driven by a boost to demand from reduced interest rates combined with a lack of properties for sale. These factors have lost some momentum in recent months," Ellis said.
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